After reporting results for the quarter that exceeded expectations, Nike increased its full-year revenue outlook but issued a warning about margin pressures as it continues to aggressively discount excess inventory. Strong demand for the company’s sneakers, including vintage designs like the Jordan Retro and more recent franchise releases like the LeBron 20, helped it increase…
The United States Supreme Court heard arguments on Wednesday in a closely watched trademark dispute between Jack Daniel’s and a dog accessory company behind a parody chew toy resembling the distiller’s well-known black-label whiskey bottle. Some justices questioned the whiskey maker’s request that they abandon a long-standing legal test that allows for an early exit…
Bonus payments for Credit Suisse employees have been restricted by Swiss authorities, a move that will punish bankers following a multi-billion franc state rescue of the bank. Credit Suisse was told to “temporarily” suspend “already granted but deferred variable remuneration,” such as shares, awarded in the years up to 2022, according to a statement from…
Microsoft 365, the company’s most popular work software, is getting the technology that powers ChatGPT, the artificial intelligence (AI) system that has received the most attention in the world. The program, which Microsoft is referring to as Copilot, will reportedly be integrated into Word, Excel, PowerPoint, and Outlook. Satya Nadella, the CEO of Microsoft, said…
In order to offset ongoing demand weakness at units like FedEx Express, FedEx increased its full-year earnings forecast. In contrast to its previous estimate of between $13.00 and $14.00, FedEx now anticipates adjusted earnings per share for fiscal 2023 to range between $14.60 and $15.20. Refinitiv consensus estimates indicate that $13.56 in EPS for the…
As opposed to the 100 million users it predicted it would have in 2020, TikTok reported on Monday that the short-video sharing app now has 150 million monthly active users in the United States. Prior to TikTok CEO Shou Zi Chew’s scheduled appearance before the House Energy and Commerce Committee on Thursday, the Chinese-owned app…
PhonePe, an Indian digital payments company, announced on Friday that Walmart Inc., its major investor, had contributed $200 million to its $12 billion pre-money valuation. One of the most valuable startups in India and the most valuable payments company, PhonePe, said the investment is a part of its ongoing $1 billion round of fundraising. At…
SAIC Volkswagen Automotive Co. is joining more than 40 brands in slashing prices ahead of a change in emissions rules in the world’s largest auto market by offering 3.7 billion yuan ($537 million) in cash subsidies for car purchases in China. The Teramont, Lavida, and Phideon models are all eligible for subsidies from the joint…
The former Malaysian head of Goldman Sachs will be imprisoned in the United States for his role in a massive financial corruption scheme. Roger Ng was sentenced to ten years in prison by a US judge after being convicted last year in a trial involving the theft of billions of dollars from the country’s 1MDB…
A corporate watchdog in Australia said on Friday that an Australian court fined ANZ Group Holdings A$10 million ($6.6 million) in penalties for noncompliance with consumer credit protection laws in a case stemming from the country’s Royal Commission proceedings. The fine was imposed by the Australian Securities and Investments Commission (ASIC) in relation to the…
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